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FX round-up: Pound falls on slowing economy fears

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Date: Monday 31 Mar 2008

LONDON (ShareCast) - The pound fell against the dollar and the euro as house prices continued to slide in March, reigniting fears of a slowing economy.

Prices fell by 0.6% in March, Nationwide said, the fifth month running its survey has shown a fall and taking the average UK house price down to £179,110. The annual rate fell to 1.1%, down from 2.7% in February, and the lowest rate since March 1996.

Meanwhile, data from the GfK NOP survey showed that British consumer morale fell to its lowest ebb in over 15 years in March.

The dollar moved up against other major currencies after US data showed inflation pressures were tame in February.

The Commerce Department said consumer spending rose by 0.1% in February, as expected, though personal income increased 0.5%, more than the 0.3% forecasted. Core PCE deflator, excluding food and energy, rose as expected by 0.1%.

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